Capital gains carryover

[Catwood75]

Does the short-term capital loss carryover show on this year's tax return, specifically on line 6 Schedule D? The Caital loss carryover worksheet shows a carryover to 2023, but it does show on Schedule D.

[Anonymous_ · Accepted solution]

Line 6 should be your carryover from the previous year (if any).

[HelenC12]

Tagteam is correct. To find the 2021 carryover amount on your 2022 income tax return, look on Schedule D:

1. Lines 6, Short-term capital loss carryover, and
2. Line 14, Long-term capital loss carryover. 

In TurboTax, for the current year capital loss carryover, just open your TurboTax return, search for capital loss carryover, and then click the "Jump to" link in the search results.

Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.

[jacciu]

Your response and everything I have read says I can deduct up to $3000 of capital gain losses against ordinary income and carryover the rest.  Next year I will be in a much higher tax bracket so I don't want to deduct any losses this year and carryover all of my losses.  Turbo Tax Home and Business won't allow this.  It marks my "0" as read, registers it as an error and therefore won't allow me to electronically file.

Please advise and thank you

[Anonymous_]

---

@jacciu wrote:

Next year I will be in a much higher tax bracket so I don't want to deduct any losses this year and carryover all of my losses. 

---

You do not have that option; you must use the maximum amount of losses ($3,000) against other income this tax year and carry over the balance.

[DoninGA]

@jacciu The tax code requires that you must use the capital losses each tax year until all the losses have all been exhausted.  You cannot pick and choose which year you use the losses.